UPDATE: As I mentioned at the end of the thread, we ended up putting in an offer at the end of last week. We figured that if $700k was the true cost of the fixes, we would figure out a way to either split up the work and do what we could afford now and the rest in a few years, or keep looking for someone who could do more of what we wanted for less money. Sadly, the house had multiple offers and despite being the high bidder, the seller went with a lower, contingency-free offer.
So, since it will not be our house and at the request of several posters, for a limited time, here is the listing (pdq): poof
I'm bummed, we have been looking (casually) for 2 years and it's only the 2nd house that has really excited me. But, we're not in a rush to move and there are some things I would like to do in our condo too, so I guess we'll just focus on those.
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Just ballpark idea off the top of your head?
Renovations: 1890s house, about 3100 sq ft currently. Full updating of systems (has some knob and tube wiring, no A/C, needs new furnace, hot water heaters, new windows, etc.) New roof is NOT needed at this time. Full interior and exterior painting. Small (about 200 sq ft) expansion of kitchen and knocking down a non load-bearing wall to create a new large kitchen/living area - high-end kitchen appliances and finishes. 2.5 new bathrooms. Demolish detached garage and convert semi-above grade unfinished basement to attached double garage; new paver driveway. Fencing around perimeter of 1/3 acre lot and minor landscaping work.
Background: We are looking at an old, but beautiful house that is need of extensive renovations in an extremely expensive/wealthy town - HCOL/VHCOL. The house is already $$$ (but a bargain relative to the neighborhood) and the initial estimates we have received from local contractors for the work we want to do to it is - a lot. I am trying to gauge how much of the estimate is legit and how much is sort of a "luxury" tax for the area that we are looking in (and whether it might be worthwhile to search for a contractor from a less expensive area). I'll come back and tell you what the initial minimum quote has been in a bit.
I'm guessing easily 250-300k. Some of the things on your list though you can hold off - like high end appliances and you can save money by doing the landscaping yourselves.
Post by InBetweenDays on Apr 23, 2019 11:46:22 GMT -5
For a HCOL/VHCOL area I think you're looking at at least $200K for just the kitchen and bathrooms. I'm in Seattle, which is HCOL, and kitchen remodels average $145K while bathroom remodels average between $50-75K depending on whether you're moving plumbing, etc.
Throw in everything else, on an old house where you don't know what you'll find when cut into the walls, and I wouldn't be shocked by $400k.
250k would be my guess, but I'm in more of a MCOL/HCOL, not VHCOL area. You could save some money (probably a decent amount, at least here you can) by hiring out the individual contractors for each part of the work yourself, but it would obviously be more work for you.
ETA: I missed the brand new 2 car garage, I'm up to 300k.
When you say expansion of the kitchen do you mean an addition (making total square feet 3300) or just reconfiguring existing space?
I'm in CT and wouldn't be surprised at something north of 500k for what I think you are describing. I think you could do it for less, but you would need to piecemeal some of the projects.
I would guess $150k or more just for the kitchen. We are taking down a non-load bearing wall between our kitchen and dining room, keeping existing floors, and installing mid-level cabinets and nothing-fancy appliances, in Philly burbs. We are still waiting on firm pricing, but got a ballpark of 50-60k plus appliances. Add in an actual addition, the quirks of very old homes, higher end appliances and finishes, and put it in a pricier area-- $150k may even be conservative. And again, that's just the kitchen.
Okay, I'm back! Thanks for everyone's input. I was sort of hoping to hear a quote of $300k but expecting more like $400k. Instead, I was told it would be a minimum of $700k. And the realtor said that another contractor who came to see the place with another buyer (an investor) yesterday quoted $500k just to update the systems, so she said $700k sounded like a fair price to her.
Contracting things out separately is definitely a good point, and we could probably do that to a limited extent, but not sure that we could do it to the extent that it would make much of a dent in such a big bill.
We need to consider whether we could scope out the projects to do half now and half later (probably the kitchen expansion/reno and garage later), or if we could possibly find a more affordable contractor to come in from a different area, because I think it is probably the case that there is a hefty markup in this town. My uncle, who is also a GC nearby (but I don't trust him, lol) specifically always uses the phrase the "[Town Name] Tax" when talking about contractors marking up services in expensive areas.
Now someone be my hero and come in here and tell me about a wonderful general contractor in the Boston area who is reliable, capable of historic renovations, and relatively moderately priced.
That's a lot of work. Several hundred thousand for sure, but I'm not experienced enough to be more specific. And having just gone through a new construction project, which I think is easier in some ways, I personally would run like my life depended on it from a renovation this extensive.
I knowwww...if we do it, this project will be the bane of my existence for the next year or so. I keep telling myself I don't have the time and energy for it, but then every time I visit the house, or look at pictures of it, I buckle. It's such a gem, and could be absolutely perfect for us...with a ton of work and even more money.
Can I ask what town? I have an AMAZING contractor who I’m obsessed with. He did a great job on our 1905 house. He’s not the cheapest but he’s amazing and reliable.
Can I ask what town? I have an AMAZING contractor who I’m obsessed with. He did a great job on our 1905 house. He’s not the cheapest but he’s amazing and reliable.
Near you. We-ly. I would LOVE that. I definitely don't want to go cheap, that would not do this house justice - I am just hoping to find someone who is wonderful and reliable and maybe slightly more affordable.
That's a lot of work. Several hundred thousand for sure, but I'm not experienced enough to be more specific. And having just gone through a new construction project, which I think is easier in some ways, I personally would run like my life depended on it from a renovation this extensive.
I knowwww...if we do it, this project will be the bane of my existence for the next year or so. I keep telling myself I don't have the time and energy for it, but then every time I visit the house, or look at pictures of it, I buckle. It's such a gem, and could be absolutely perfect for us...with a ton of work and even more money.
I feel like you need to post a link so we can see it and be the judge. But mostly I'm just curious about a house that needs 700K in repairs/uodates. I can't even imagine!
I knowwww...if we do it, this project will be the bane of my existence for the next year or so. I keep telling myself I don't have the time and energy for it, but then every time I visit the house, or look at pictures of it, I buckle. It's such a gem, and could be absolutely perfect for us...with a ton of work and even more money.
I feel like you need to post a link so we can see it and be the judge. But mostly I'm just curious about a house that needs 700K in repairs/uodates. I can't even imagine!
It’s just an old house in a particularly expensive area. I don’t think it really needs $700k of repairs, I think that’s just the going rate in the area, plus I think the assumption of the quotes are that the renovation will be high end.
If we decide not to pursue it and I don’t have to worry about creepers saving my future address, maybe I will post a link
I knowwww...if we do it, this project will be the bane of my existence for the next year or so. I keep telling myself I don't have the time and energy for it, but then every time I visit the house, or look at pictures of it, I buckle. It's such a gem, and could be absolutely perfect for us...with a ton of work and even more money.
I was guessing that was the town. If you proceed, I'd recommend hiring lots of additional help, like an interior designer to help with layout and flow and a decorator to help with finishes. I wasn't working during our new construction process and the house became my full-time job. I'm not sure how anything would've gotten done if we were both working full time. What's a few thousand more at this point to help keep the process moving smoothly?
In a sense, you're basically building a new house. It works out to $225/ft, which seems pretty reasonable when you break it down that way.
I guess, if you don’t factor in the actual purchase price of the house, lol.
Well, sure. I've found at least for my area that major, major renovations to a house don't really pencil out unless the house is so cheap you're just paying for the land. I'm not disagreeing with you that 700k is a TON of money!
I can tell you what we spent on a new hvac system and hot water heater. What we were quoted to replace sunrooom doors. I can also tell you how much it would Be to remove knob and tube wiring in a 3600k home and renovate 3 bathrooms (that was a different house than what we ended up buying) and what quotes were for some other things.
I don’t have personal experience with a general contractor, but 3 friends have recently built homes/done a large renovation in B-line. I can ask for their names if you would like?
I have friends in the town you are asking about. They all moved from where you are and love it there, but it’s much much less diverse.
I think you should look for a house in devonpow and i’s town
If you upped your budget by the Reno estimate you received, what other homes does it open up for you? Might be worth it to put the Reno money towards a home that doesn’t need all that work.